The project, dubbed the Lombardi, will consist of a seven-story building featuring 86 rental apartments - including two-story penthouse suites with access to a private sky deck. Plans also call for on-site amenities such as swimming pool and a lounge area.

M Capital named the proposed development for the adjacent Lombardi House, a 105-year-old Victorian home which has been repurposed into four rental villas. The property site also includes a vintage barn, which now serves as event space.

Steinberg Architects, which designed the new apartment complex, incorporates several architectural elements from the adjacent structures.

Completion of the Lombardi is expected in late 2019.

M Capital's other ventures in the Los Angeles area include a new concert hall that is being developed at Santa Monica Boulevard and Vermont Avenue, as well as a potential 13-story apartment tower at Santa Monica Boulevard and Orange Drive. The company is also creating a new event venue a few blocks from the Lombardi House, in order to serve clients during the 22-month construction period.